Hit Network 6 June, 2019

IT has now become cheaper to buy a house in Townsville, than to rent one!

That’s according to a new report from ANZ, showing that incomes have risen faster than home values here.

ANZ joined with CoreLogic in the report which has revealed that household incomes have been rising at a faster rate than home values, specifically in the last 3 months of 2018.

This is great news for our wallets, with it now being more possible to afford a house or save for a house deposit.

In Townsville, it’ll take about 21% of your income to service a mortgage, compared to 24% of your income to rent.

And when you crunch the numbers on saving for a deposit, it takes 5.2 years to have a 20% deposit.

Source: Whittington. C, 2019. It’s Now Cheaper To Buy A House Than Rent One In Townsville, Townsville: Hit Network.